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GA MLS Real Estate Practical Final Exam|55 Answered Questions
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GA MLS Real Estate Practical FinalExam|55 Answered Questions
Safety Clause - -A negotiated period after the termination of the listing
during which the listing broker may still be entitled to a commission if the
property is sold to a buyer who was shown the property during the listing
period
-Survival Clause - -A clause in the contract for purchase and sale that ,
unless otherwise expressly agreed to in writing by the buyer and seller,
allows certain contractual obligations to be performed after closing
-Ratification - -Method of creating an agency relationship in which the
principal accepts the conduct of someone who acted without prior
authorization as the principal's agent
-Net Operating Income (NOI) - -The income projected for an income-
producing property after deducting losses for vacancy and collection and
operating expenses.
-Straight Term Loan - -A loan in which only interest is paid during the term
of the loan, with the entire principal amount due with the final interest
payment.
-Loan Origination Fee - -A fee charged to the borrower by the lender for
making a mortgage loan. The fee is usually computed as a percentage of the
loan amount.
-Adjustable Rate Mortgage - -A loan characterized by a fluctuating interest
rate, usually one tied to a bank or savings and loan association cost-of-funds
index.
-Fully Amortized Loan - -A loan consisting of equal, regular payments
satisfying the total payment of principal and interest by the due date.
-Purchase Money Mortgage - -A note secured by a mortgage or deed of
trust given by a buyer, as borrower, to a seller, as lender, as part of the
purchase price of the real estate.
-Debit - -On a closing statement, an amount charged; an amount the party
must pay at settlement.
-Credit - -On closing statement, an amount entered in a person's favor, a
party that must be reimbursed.
, -Acceleration Clause - -The clause un a mortgage or deed of trust that can
be enforced to make the entire debt due immediately if the borrower
defaults on an installment payment or other obligation
-Addendum - -Any provision added to an existing contract without altering
the content of the original
-Amendment - -A change to the existing content of the contract, and must
be initialed by all parties.
-Prepayment Penalty - -A charge imposed on a borrower who pays off the
loan principal early. This penalty compensates the lender for interest and
other charges that would otherwise be lost
-Private Mortgage Insurance (PMI) - -Insurance provided by a private carrier
that protects a lender against a loss in the event of a foreclosure and
deficiency.
-Mortgage Insurance Premium (MIP) - -An insurance policy premium used in
FHA loans that the borrower is charged. The premium depends on the length
of the loan and the loan-to-value (LTV) ratio.
-Defeasance Clause - -A clause used in leases and mortgages that cancels a
specified right upon the occurrence of a certain condition, such as
cancellation of a mortgage upon repayment of the mortgage loan.
-Regulation Z - -Implements the Truth in Lending Act requiring credit
institutions to inform borrowers of the true cost of obtaining credit.
-Contingencies - -Provisions in a contract that require a certain act to be
done or a certain event to occur before the contract becomes binding.
-Graduated Payment Mortgage - -A loan in which the monthly principal and
interest payments increase by a set amount each year for a certain number
of years and then level off for the remaining loan term; probable negative
amortization in early years.
-Interest-Only Loan - -A loan that only requires the payment of interest for a
stated period of time with the principal due at the end of the term.
-Arms Length Transaction - -
-Subordination Agreement - -A written agreement between holders of liens
on a property that changes the priority of mortgage, judgment, and other
liens under certain circumstances.
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